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Lordstown Motors announces 40,000 preorders for Endurance

Those preorders total $2 billion in potential revenue for the local electric vehicle startup.

LORDSTOWN — Lordstown Motors Corp. has received 40,000 preorders for its all-electric pickup truck, the Endurance, which totals $2 billion in potential revenue, the company announced Wednesday.

Those preorders are "not binding and may be canceled or delayed," the manufacturer noted.

The Endurance — "believed to be the world's first all-electric pickup truck designed to serve the commercial fleet market," according to the release — hit the 14,000 preorder mark by late June, when it was unveiled at its Hallock Young Road headquarters, the former General Motors Lordstown Assembly Complex.

At the time, CEO Steve Burns said those 14,000 preorders were enough to fill the Endurance's first year of production, which is slated to begin next summer.

Last month, Lordstown Motors announced its multimillion dollar merger with DiamondPeak Holdings Corp., a special purpose acquisitions company, which Burns said provided "the last piece" of funding the manufacturer needed to hit its 2021 production goal.

Under the merger, expected to close next month, Lordstown Motors will be publicly traded on the NASDAQ under the ticker symbol "RIDE."